NEO Battery Materials Submits Construction Permit for Silicon Anode Commercial Plant and Plans for Initial Construction Groundwork and Contractor Bidding
November 30 2022 - 9:00AM
(TSXV: NBM) (OTCQB: NBMFF)
- Submitted Construction Permit
Application for Silicon Anode Commercial Plant to Pyeongtaek City,
Gyeonggi Province
- Will Begin
Initial Groundwork/Site Clearance, Basic Civil Engineering Work,
and Bidding from Contractors Upon Permit Approval in 1 Month
NEO Battery Materials Ltd.
(“NEO” or the
“Company”)
is a low-cost developer of silicon anode materials that enable
longer-running, rapid-charging lithium-ion batteries. The Company
is pleased to announce the submission of the construction permit
for NEO’s Silicon Anode Commercial Plant in the Oseong Foreign
Investment Zone, and the initial construction work and contractor
bids upon permit approval.
Silicon Anode Commercial Plant
Construction Permit SubmissionFollowing the announcement
of the late stage in architectural design, NBM Korea, NEO’s South
Korean subsidiary, has submitted the construction permit
application for the Silicon Anode Commercial Plant to Pyeongtaek
City, Gyeonggi Province. With a processing period of 1 month, the
construction permit is expected to be obtained at the end of
December 2022.
Upon the approval of the construction permit,
the initial construction process from site clearance to basic civil
engineering work will be carried out sequentially. Concurrently, an
invitation for bid (IFB) process will occur to select a contractor
for the factory building. Once the bidding is completed, NEO and
the selected contractor will determine the commencement of
construction in consideration of material procurement conditions
and other relevant considerations.
In accordance with the applicable laws and
regulations, the construction work will be carried out under the
supervision of legal supervisory firms in each specialized area of
construction, electricity, telecommunications, and fire
service.
Mr. Spencer Huh, President and CEO of NEO,
commented, “Amidst the turbulent global economic and financial
environment, we are greatly thankful for the current construction
and commercialization progress made by the Company, management, and
engineering team. Along with optimization and construction efforts,
our team is investing our best efforts and prioritizing our silicon
anode go-to-market strategy. Most recently, we have also fortified
our R&D Scale-Up Centre to commit to rapid response for
feedback and optimization testing capacity enhancements. Once
again, NEO is excited to announce the next steps to
commercialization, and we are confident to achieve our next
milestones.”
About NEO Battery Materials
Ltd.NEO Battery Materials Ltd.
is a Vancouver-based company focused on electric vehicle
lithium-ion battery materials. NEO has a focus on producing silicon
anode materials through its proprietary single-step nanocoating
process, which provides improvements in capacity and
efficiency over lithium-ion batteries using graphite in their anode
materials. The Company intends to become a silicon anode active
materials supplier to the electric vehicle industry. For more
information, please visit the Company’s website at:
https://www.neobatterymaterials.com/.
On behalf of the Board of DirectorsSpencer
HuhPresident and CEO604-355-6463shuh@neobatterymaterials.com
This news release includes certain
forward-looking statements as well as management's objectives,
strategies, beliefs and intentions. Forward looking statements are
frequently identified by such words as "may", "will", "plan",
"expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements
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All forward-looking information is inherently uncertain and subject
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speculative nature of mineral exploration and development,
fluctuating commodity prices, the effectiveness and feasibility of
technologies which have not yet been tested or proven on a
commercial scale, competitive risks and the availability of
financing, as described in more detail in our recent securities
filings available at www.sedar.com. Actual events or results may
differ materially from those projected in the forward-looking
statements and we caution against placing undue reliance thereon.
We assume no obligation to revise or update these forward-looking
statements except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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